For some time, credit, loan and non-bank payday loans have come to the fore in the financial consciousness of Poles. The consumer lifestyle of most citizens somehow forces the use of this type of services of banks and non-bank branches. The offer is extremely wide, but in practice it is limited to choosing between the so-called payday loan and cash loan.
The biggest advantage of payday loans is their availability.
To obtain this type of loan, in most cases, the only document required is an identity card. All you need is one signature and the money will be on our account within a few minutes. Non-bank branches do not strictly check their clients’ financial credibility as banking institutions. So-called payday loans can be incurred by persons who have not paid their current financial obligations. More and more companies offer their services on the Internet. Filling out the loan application takes a few minutes, as does the awarding of funds for any purpose. It is also worth adding that these amounts can start from as little as PLN 100. Non-bank instant payday loans are gaining more and more popularity, however, as always, there is another side to the coin. The biggest disadvantage of this type of loan is the high cost. The interest rate and additional fees mean that the APRC (actual annual interest rate) is very high. Equally high are the fees for extending payday payday payables.
What do you choose payday loans or bank loans?
A bank cash loan is much more difficult to obtain, however, due to the high credibility of bank branches, they are also very popular among customers. Many people consider a bank loan to be a much more reliable way to improve home funds. Clear rules and the inability to raise interest rates to some extent (anti-usury act) means that banks are still visited by many Poles for this purpose. Unfortunately, banks strictly check the creditworthiness of their customers. People in debt have no chance of getting a loan. Another disadvantage is the large number of formalities. It should be taken into account that the long waiting period for credit can be even longer if we forget to report information on income, retirement or any other required document.
On the other hand, non-bank loans are becoming more and more popular every year. The so-called “payday loans” allow you to obtain a certain amount of money for any purpose quickly and without unnecessary formalities. Non-bank lending institutions are increasingly struggling for new customers. Competition is increasing and market saturation is slowly taking place. Customers who willingly take non-bank retail loans rub their hands because competition on the market means more attractive terms for granting loans, but you should not be overly optimistic as soon as we see information or advertising about an attractive offer.
Always read the loan agreement that you want to sign carefully
You should continue to read the regulations carefully and find out the conditions under which the loan is granted. Institutions offering non-bank retail loans are gaining a growing number of customers for one reason? they offer money quickly and without any unnecessary formalities. Anyone who would like to obtain a loan, thanks to such institutions, can quickly receive financial support. It is true that their interest rate is much higher than at banks, but the minimum formalities and quick transfer of funds to a bank account make it a solution that suits many people. Most loans are obtained from several minutes to a maximum of one day. All you have to do is complete a simple registration form available on the non-bank institution’s website, submit an application and choose the loan amount. Currently, the most popular method of data verification is sending symbolic few cents to the lender’s account. In this way the customer’s identity is confirmed. Most often, no earnings certificates or other documents are required.
Each bank or non-bank offer has its pros and cons.
Depending on the needs and preferences of the interested parties, it depends on which type of service will be considered. Before making a decision, it is worth taking a moment of attention, because wrong choice can have serious financial consequences.